JLL Reports 11% Revenue Surge to $6.4 Billion Despite Ongoing Middle East Conflict

JLL reports strong 2026 Q1 growth with revenue up 11% and EBITDA rising 22%, as the US real estate market remains largely insulated from Middle East conflict.

By: AXL Media

Published: May 1, 2026, 8:33 AM EDT

Source: Bisnow

Capital Markets Momentum and the AI Catalyst

JLL's financial performance in the first quarter was anchored by its capital markets and leasing divisions, which benefited from a resurgence in transaction activity. The firm reported nearly $6.4 billion in Q1 revenue, a growth of 11 percent over the same period in 2025. Chief Financial Officer Kelly Howe attributed this success to steady demand in the office and industrial sectors, alongside a "meaningful contribution" from data centers, which have become central to the firm's growth strategy.

A surprising driver of this growth has been the rapid expansion of the artificial intelligence ecosystem. According to Howe, the AI boom has acted as a catalyst for the leasing business, particularly in coastal markets like San Francisco and New York. While the broader global market saw office volumes dip by 1 percent, JLL’s office leasing revenue outperformed significantly, rising 12 percent globally and 14 percent within the United States.

Assessing the Geopolitical Impact of the Iran Conflict

Despite the positive numbers, the quarterly earnings call was shaded by the ongoing conflict in Iran. CEO Christian Ulbrich noted that while the US market currently remains "unimpressed" by the geopolitical environment, the lengthening of the conflict now past the two-month mark—poses a growing threat to the global economy. Higher energy prices and disruptions to chemical and fertilizer supplies are beginning to ripple through international markets, particularly in Europe and India.

Ulbrich explained that the US market enjoys a layer of protection due to its energy independence, which has kept the impact on consolidated results "minimal" so far. However, he cautioned that the persistence of tensions acts as a ceiling on performance. In European markets, JLL has already observed some deal cancellations or delays, suggesting that the conflict is siphoning off what would have otherwise been an even stronger period of outperformance.